COLUMBUS - This week, State Senators Bill Coley (R-Liberty Township) and Scott Oelslager (R-North Canton) introduced legislation aimed at modernizing Ohio’s banking laws.
Last revised in 1995, Senate Bill 29 makes comprehensive updates to Ohio's banking code to meet the needs of the 21st Century banking industry.
"The need for this change is yet another example of private sector progress outpacing the speed of government," said Coley. “Advancing from tellers to ATMs to modern-day banking from the convenience of your smartphone, our statutes must adapt to ensure that our banking industry can meet the needs of today's consumers,” said Senator Coley.
Senate Bill 29 strengthens the administrative capacity of the state's primary banking regulator, the Ohio Division of Financial Institutions, simplifying the industry by creating a “universal” charter. The bill streamlines governing boards to decrease overhead costs for training and merges the statutes that govern commercial banks, savings and loan associations and savings banks into one.
Senate Bill 29 also allows banks to defer to general corporation laws in many cases, instead of creating separate state statutes to accomplish the same goal.
Ohio consumers and banks will benefit from a more efficient, secure banking environment as a result of this legislation.
The bill was referred to the Senate Standing Committee on Insurance and Financial Institution, chaired by State Senator Jay Hottinger (R-Newark), where it will receive further consideration.